Senior Associate, Group Membership Compliance Unit (91630)
Senior Associate, Group Membership Compliance Unit (91630)
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$ 95000 - 162500
1 Vacancy
Job Description
Location Designation:Hybrid 3 days per week
This position primarily involves a hybrid work schedule working remotely: Monday & Friday / on site: Tuesday Wednesday and Thursday.
Role Overview:
This Senior Associate position will report directly to the Head of Compliance in the Group Membership Association Department (GMAD) located in White Plains NY and is a hybrid work schedule (remote Monday & Friday and onsite Tuesday Wednesday and Thursday).This position will be responsible for supporting the operational and compliance oversight of ThirdParty Administrators (TPAs) that administer Group Disability Life AD&D and HIP insurance on behalf of New York Life and the monitoring GMAD and TPA compliance with various regulatory and corporate requirements.
What Youll Do:
Participate in Third Party Administrator (TPA) onsite reviews at administrator offices including onboarding new business partners including planning sample selection and testing interviews documentation negotiation to resolve variances and summary reports.
Investigate complaints from insureds to state departments of insurance and NYL executives; draft and release responses including interpretation of group policy provisions gathering documentation from TPAs determining if complaint is justified and recommending remediation as appropriate.
Analyze new regulations/legislation and recommend compliance requirements; draft and release compliance and/or procedural bulletins.
Update and distribute TPA Manual of Procedures and prepare/publish various managerial reports.
Monitor GMAD and TPA compliance with Federal and State regulatory requirements (Escheatment TPA licensing Errors & Omission and Fidelity Bond Insurance Coverage Replacement Activity Inadvertent Disclosures of Personally Identifiable Information (PII) and Record Retention)
Coordinate responses to State Market Conduct Exams Corporate Audit and various state data requests.
Handle and address daily administrative and regulatory issues and inquiries from within GMAD or NYL and TPAs.
What Youll Bring:
Bachelors Degree
510 years of auditing or operational risk experience in Disability and Life insurance administration (application processing underwriting policy issuance premium billing/collection claims processing inforce policy services)
General knowledge and understanding of insurance principles group life and disability insurance best practices and regulatory requirements
Flexible selfstarter and quick learner with good judgment analytical skills and creative problem solving as well as confident decisionmaking with reasonable business risks.
Excellent interpersonal (oral/written) and relationship building skills high degree of professionalism strong organizational skills detail oriented ability to work independently and collaboratively with internal and external partners and can multitask in a complex and dynamic environment.
Expertise in MS Office (Word Excel PowerPoint) Outlook and SharePoint.
Willing to travel
This position primarily involves a hybrid work schedule working remotely: Monday & Friday / on site: Tuesday Wednesday and Thursday.
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Pay Transparency
Salary Range:$95000$162500
Overtime eligible:Exempt
Discretionary bonus eligible:Yes
Sales bonus eligible:No
Actual base salary will be determined based on several factors but not limited to individuals experience skills qualifications and job location. Additionally employees are eligible for an annual discretionary bonus. In addition to base salary employees may also be eligible to participate in an incentive program.
Our Benefits
We provide a full package of benefits for employees and have unique offerings for a modern workforce including leave programs adoption assistance and student loan repayment programs. Based on feedback from our employees we continue to refine and add benefits to our offering so that you can flourish both inside and outside of work. Click here to discover more about our comprehensive benefit options or visit our NYL Benefits Site.
Our Diversity Promise
We believe in a diverse workforce because it is our mission to advocate for the financial security and success of people in every community. This is why diversity equity and inclusion (DEI) are guiding principles that are embedded in our brand and our culture. Click here to learn more about how we have been recognized for our leadership.
Recognized as one of Fortunes Worlds Most Admired Companies New York Life is committed to improving local communities through a culture of employee giving and volunteerism supported by the proud that due to our mutuality we operate in the best interests of our policy owners. To learn more about career opportunities at New York Life please visit the Careers page of .
Job Requisition ID:91630
Required Experience:
Senior IC
Employment Type
Full-Time
